2003
- The news you choose »
- Login to Add to Watchlist
NBD opens DMC branch
The National Bank of Dubai has opened a branch in the Dubai Media City, bringing its total network in the UAE to 30 branches. The branch is located in the food court of phase two which also includes McDonald's, a chemist, travel agency, car hire company and other food outlets.
MasterCard travel promotion
MasterCard has launched its Priceless Travel Experience promotion to coincide with the summer travel season. The five-month promotion targets existing MasterCard cardholders across the region with the message that the more they use their MasterCard cards, the more chances they have to win a travel experience of their choice. The prize will be in the form of a USD5,000 credit to the winners' MasterCard card account.
Saudi Hollandi smart card pioneer
Saudi Hollandi Bank has announced the launch of the Kingdom's first Visa smart or chip card programme. This technology is part of all new gold and silver smart cards providing card holders with added security when making payments around the world in shops, restaurants, hotels, or at ATMs. Existing Saudi Hollandi Bank gold and silver cards will be replaced with the new smart cards over the coming months.
HSBC emiratisation scholarships
HSBC has introduced its Al-Nukhba pre-graduate sponsorship programme to recruit the most academically gifted UAE students into the bank. After successful completion of the programme the students will be offered places on the executive training programme. HSBC has 512 UAE National staff and emiratisation is at 30 per cent.
Emirates Equtiy Fund for income
The Emirates Equity Fund, the largest UAE mutual fund, is now focusing on both income distribution and capital gain (see News Feature section). In the past year the EEF has delivered almost 14 per cent in income and a 15 per cent capital gain to its shareholders.
BMA licences First Iran Fund
The Bahrain Monetary Agency has issued a licence to the First Iran Investment Fund (see News Feature section). Investment managers are EFG Hermes which is also opening a Tehran office to administer the fund. Iran is one of the few remaining major undiscovered emerging markets, said EFG Hermes director Tristan Clube.
CBD, new child savings plan
The Commercial Bank of Dubai has launched a child savings plan called Mustaqbali that offers a three per cent guaranteed return after five years. There is also a 100 per cent capital guarantee and a yearly scholarship raffle. Minimum amount to be saved is USD150 per month or Dhs500.
Citibank, Permal Protected Notes
Citibank has launched its Permal Principal Protected Note with a minimum assured return of 1.67 per cent. The five-year structured note has 90 per cent principal protection, and the minimum investment is USD10,000. Performance is linked to the Permal Fixed Income Trading Fund and subscriptions close on June 19.
Amex KSA offers cash back
Amex Blue Card holders in Saudi Arabia have one Riyal credited to their account for every 100 Riyals that they spend. Since its launch last October the Blue Card has exceeded all expectations and proved very popular with Saudi professionals. It also features an Online Fraud Guarantee for Internet purchases.
USD1.1tn, Mid East individuals
The wealth of high net worth individuals living in the Middle East rose by USD45bn last year to USD1.1 trillion, according to a report from Cap Gemini, Ernst and Young and Merrill Lynch. The number of regional HNW individuals was up by 5,000 to 45,000. A quarter of this regional growth in wealthy individuals was in the UAE.
UNB expat loan, great prizes
The Union National Bank claims to offer the lowest rates on personal loans in the UAE, from 9.99 per cent with the longest repayment period of up to 60 months. There are also free prize draws offering the chance to payback installments for free, and the chance to win two Toyota Camry cars.
StanChart UAE, bancassurance
Standard Chartered has started offering bancassurance products from Alico and Zurich Group in the UAE. These Harvester Plans combine saving and insurance for wealth management and financial planning. For example, an education plan for children saves for school fees and insures against the death of the parents.
ATM scam victims compensated
The victims of the UAE's recent ATM fraud will be fully compensated by the banks concerned, Governor of the Central Bank Sultan bin Nasser Al Suwaidi told Gulf News. He said the Central Bank would be taking stock of the situation and will make sure that all issues related to the fraud are addressed properly.
MeBank lowest-ever loan rates
MeBank is offering personal loans from 9.15 per cent from June 10-25 only. This is probably the lowest rate ever on personal loans from a UAE retail bank scheme. Loans are for up to 84 months, and with free life insurance and free credit card. For details visit, www.me.ae.
SABB, Nasdaq bonus fund
The Saudi British Bank has launched its SABBINVEST capital guaranteed NASDAQ Bonus Fund with 100 per cent capital security plus a minimum ten per cent guaranteed return at maturity. The fund fully invests in best performing companies within the NASDAQ-100 index and spreads money over a wide range of sectors and does not invest directly in a small number of companies, which substantially reduces the risk, said a statement
It looks like you are using a Mac - check out our 
Web Feeds